EghtesadOnline: SAIPA, the second biggest carmaker, has announced that it will offer loans for its own-manufactured Kia Cerato to boost sales.

The company says buyers will be able to pay for the car in 12, 24, 36 and 48-month installments and will receive the vehicle immediately, local automotive website Donyaye Khodro reported. All customers will get a $15,800 loan. However the down payment differs depending on the number of the installments, as per which customers will pay $29,000 to $37,000. This is while the cash price for the model is $27,000. The Ceratos all come in white color and the car has a 2-litre engine. The company will also provide free insurance for the cars until the installments have been paid in full. SAIPA is apparently struggling to sell the second generation Cerato models as importers are selling the newer third generation version in the local market, Financial Tribune reported.